I have 3 questions for accounting that I need done.

Question

Mohammad Wasif · Accepted Answer

Q 1
	Exxon Mobile
	General Journal Entries
	Date	Accounts Title and Explanation	Debit	Credit
	1/1/12	Leased equipment	$   840,203.00
		    Lease Liability 		$   840,203.00
		(Being Recognition of both leased asset and liability)
	1/1/12	Lease Liablity	$   87,989.85	$   130,000.00
		Interest Expense	$   42,010.15
		     Bank / Cash		$   130,000.00
		(Payment of first year lease)
	31-12-12	Profit and Loss Account	$   157,010.15
		    Depreciation		$   115,000.00
		    Interest Expense		$   42,010.15
		(Transfer to profit and loss account)
	1/1/13	Lease Liablity	$   92,389.34	$   130,000.00
		Interest Expense	$   37,610.66
		     Bank / Cash		$   130,000.00
		(Payment of second year lease)
	31-12-12	Profit and Loss Account	$   152,610.66
		    Depreciation		$   115,000.00
		    Interest Expense		$   37,610.

I have 3 questions for accounting that I need done.

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